Oil, gas and coal consumption will begin to decline this decade due to the rise of renewable energy and the spread of electric vehicles.
The world is at the “beginning of the end” of the fossil fuel era, as demand for oil, natural gas and coal will increase this decade. The Financial Times reported this on September 12, citing a forecast from the International Energy Agency (IEA).
function news4593818() {
$.get(‘//’ + window.location.host + ‘/ajax/module.aspx?spm_id=444&id=4593818&lang=2&IsAjax=true’, function (data) { $(‘#nk4593818’).html(data); });
}
news4593818();
It is noted that the consumption of the three main types of fossil fuels will begin to decrease due to the rapid growth of renewable energy and the spread of electric vehicles.
“We are witnessing the beginning of the end of the fossil fuel era, and we must prepare for the next era. This shows that climate policy is working,” said IEA Executive Director Fatih Birol, commenting on the World Energy Outlook report, which will be published next month.
In a column for the Financial Times, he hailed the “historic turning point” while calling on policymakers to do more to accelerate the energy transition and reduce emissions.
Governments around the world have increased investment in renewable energy in response to climate change and the energy crisis caused by Russia’s massive invasion of Ukraine, but many have faced public opposition over rising prices.
Birol said that oil and gas companies that disagree with the IEA’s forecasts may be manipulating public opinion or simply mispricing the market.
“New large-scale fossil fuel projects not only carry significant climate risks, but also significant financial risks,” warns Birol.
The IEA chief added that the situation calls for stronger and faster political action from world governments.
“We expect global emissions to increase by the middle of this decade, but we still have a long way to go to meet our climate goals, even with additional policies… We can speed up the process… It’s in our hands,” he said.
Earlier, the IEA said that Russia’s war against Ukraine will dramatically accelerate the development of renewable energy sources worldwide.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.